Cambridgemortgageexperts.ca has a new network of private mortgage lenders in Cambridge. These are individuals or enterprises who want to help property owners with poor credit or facing foreclosure to access a mortgage even when banks have disqualified them. Since they are not so strictly regulated by the government Cambridge private mortgage lenders have a wide range of services to offer including second mortgages, bad credit mortgages, home equity loans and even education loans to name but a few.
Private Lenders of Bad Credit Mortgages in Cambridge
Cambridgemortgageexperts.ca has several mortgage agents under their wing, who work hard to connect clients with ideal loans. Anyone with bad credit can approach a licensed mortgage agent who will negotiate with private lenders on their behalf. Private lenders are invested in real estate and do not care much for a credit score. The main factor is the equity in property which helps them determine its worth as an investment. Cambridgemortgageexperts.ca staff request multiple quotes from lenders in their network and compare them before reaching a decision on behalf of the clients.
Services and Mortgage Types offered by Private Lenders
Private lenders are more versatile and offer a wider range of services compared to banks. They can listen to the client’s specific needs and tailor them to the loan agreement. Home equity, second and bad credit mortgages are some of the loan types often provided by private lenders. Cambridge private lenders also provide debt consolidation services and business investing loans that help individuals achieve their entrepreneurship goals.
Second Mortgages from Private Lenders
Private mortgage lenders in Cambridge, ON offer second mortgages to help clients actualize their financial goals. It is possible to have the first, subsequent and third mortgage on a property as long as there is sufficient equity. To determine exactly how much each client should receive, staff at Cambridgemortgageexperts.ca must calculate Loan to Value (LTV) ratio of the property presented as security. If LTV on a home exceeds 85% few private mortgage lenders in Cambridge will even, consider the mortgage application. This is a risk mitigation measure taken to protect private lenders because proceeds from a power of sale may not be sufficient. The Ontario Mortgage Act requires that if a property in default is sold, lenders may recoup their investment.
Private Funding to Stop a Power of Sale
A registered mortgage gives lenders the power to sell a property in default. It is nearly impossible to stop a power of sale once activated but some private lenders have a way to do that. Upon receipt of the notice, a homeowner must respond promptly to try and stop it before it is too late. For a private lender to help, a client must have all documents in place including the eviction notice, writ of possession and statement of claim. With these, the company’s experienced staff can help resolve a power of sale and even save the client from paying hefty fees and penalties.